Updated almost 7 years ago on . Most recent reply
House Hacking using FHA loans
I want to house hack a quadplex preferably using an FHA 3% down residential loan . However, this would leave me personally liable for lawsuits without using an LLC (which I have). What is the best strategy in this situation? I have the option of using a commercial loan 20% down taking a mortgage out in my LLC's name but that leaves me very inflexible to start in case something were to happen. Thanks
Most Popular Reply
Easy. Don't do it in a LLC. Instead, get a $5M umbrella policy on your homeowners insurance. The premium on that coverage is less than the cost of forming the LLC and the ongoing expense of renewal and tax filing.
Best of luck!